FTX founder convicted in US court; Isaac awaits second trial to learn whether Antigua and Barbuda is involved in fraud claims

With the conviction of FTX founder Sam Bankman-Fried on
Thursday, November 3, in the United States, residents of Antigua
and Barbuda are waiting, with bated breath, to hear what his second
trial will reveal about his dealings with the Government here.

A jury of his peers found the cryptocurrency guru guilty on several
counts, including two counts of wire fraud, two counts of wire-fraud
conspiracy, and three other conspiracy charges.
Bankman-Fried faces a penalty of up to 110 years in prison for
stealing at least $10 billion from customers and investors, with his
sentencing set for March 28 next year.

But, in the meantime, the 31-year-old has another matter – involving
his foreign deals – set to be heard in March 11.
United Progressive Party (UPP) Chairman D.Gisele Isaac is among
those interested in learning whether Antigua and Barbuda’s name
will be tied up in this case.
At least one of Bankman-Fried’s companies was registered here,
and, reportedly, he was an investor in the development known as
the Western Imperial Special Economic Zone (WISEZ).
During his trial, Isaac says, the truth about his true involvement with
the Gaston Browne Administration might be revealed.
Meanwhile, speaking specifically to Bankman-Fried’s present
conviction, Isaac says she hopes his story serves as a warning –
especially to young people – that get-rich-quick schemes are not
always the safest way to make money.

The cryptocurrency investor was on trial for a month and denied the
allegations against him.

According to an Associated Press report, Bankman-Fried said “he
never committed fraud or plotted to steal from customers, investors
and lenders and didn’t realize his companies were at least $10
billion in debt until October 2022.”